When perpetual inventory records are maintained, is it necessary for a physical inventory to be taken at

Question:

When perpetual inventory records are maintained, is it necessary for a physical inventory to be taken at the date? Explain.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...